Reserve Bank of India (Asset Reconstruction Companies – Credit Information Reporting) Directions, 2025 (Updated as on July 01, 2026)

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RBI/DOR/2025-26/375 DOR.FIN.REC.No.294/20.16.056/2025-26 November 28, 2025 Previous Versions Reserve Bank of India (Asset Reconstruction Companies – Credit Information Reporting) Directions, 2025 (Updated as on July 01, 2026) Table of Contents Chapter-I Preliminary A. Short Title and Commencement B. Applicability C. Definitions Chapter-II Membership of CICs Chapter-III Credit Information Reporting and Dissemination A. Data formats B. Reporting timelines and updation C. Reporting guidelines D. Rectification of rejected data and review of Data Quality Index (DQI) E. Correction of Credit Information Report F. Use of credit information reports in credit appraisal G. Display of information Chapter-IV Technical Working Group Chapter-V Customer Service and Grievance Redressal A. Strengthening of customer service B. Framework for compensation to customers Chapter-VI Best Practices Chapter-VII Repeal and Other Provisions A. Repeal and saving B. Application of other laws not barred C. Interpretations Annex I Annex II Annex III Annex IV Annex V Annex VI Introduction These directions aim to establish a standardised framework for reporting and dissemination of credit information; safeguard the confidentiality and security of sensitive credit data; provide mechanisms for consumers to access their credit information and grievance redressal on matters related to credit information reporting. Accordingly, in exercise of the powers conferred by Section 11 of the Credit Information Companies (Regulations) Act, 2005 (hereinafter referred to as CICRA), the Reserve Bank of India (‘RBI’) being satisfied that it is necessary and expedient in the public interest so to do, hereby issues the Directions hereinafter specified. Chapter-I Preliminary A. Short Title and Commencement 1. These Directions shall be called the Reserve Bank of India (Asset Reconstruction Companies – Credit Information Reporting) Directions, 2025. 2. These Directions shall come into force with immediate effect, unless otherwise specified. B. Applicability 3. These Directions shall be applicable to Asset Reconstruction Companies [hereinafter collectively referred to as ‘Credit Institutions (CIs)’ and individually referred to as ‘Credit Institution (CI)’] registered with the the Reserve Bank under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. C. Definitions 4. In these Directions, unless the context otherwise requires, the terms herein shall bear the meaning assigned to them below: (1) ‘Company’ means a company defined under section 3 of the Companies Act, 1956 or corresponding section under the Companies Act, 2013. (2) ‘Credit Information Companies (CICs)’ means companies that have been granted a certificate of registration under section 5 of the CICRA. The CICs registered with RBI under Section 5 of the CICRA are: Sl. No. List of the CICs registered with RBI Date of issue of Certificate of Registration 1. CRIF High Mark Credit Information Services Private Limited November 25, 2010 2. Equifax Credit Information Services Private Limited March 26, 2010 3. Experian Credit Information Company of India Private Limited February 17, 2010 4. TransUnion CIBIL Limited March 05, 2012 (3) ‘Specified User (SU)’ shall have the same meaning assigned to it under clause (l) of section 2 of CICRA and those notified under regulation 3 of the Credit Information Companies Regulations, 2006, hereinafter referred to as “CIC Regulations” (as amended from time to time). 5. Words or expressions used in these Directions and not defined herein, but defined in CICRA, 2005, the Credit Information Companies Rules, 2006 (hereinafter referred to as ‘CIC Rules’) and the CIC Regulations, shall have the same meanings as assigned to them in these Statute/ Rules/ Regulations. Any other words or expressions used and not defined in these directions or aforesaid Statute/ Rules/ Regulations and defined in Reserve Bank of India Act, 1934 or Banking Regulation Act, 1949 or the Companies Act, 2013 shall have the same meanings as assigned to them in these Acts. Chapter-II Membership of CICs 6. A CI shall become member of all the CICs registered with the RBI. 7. One-time membership fee charged by the CICs from a CI to become their members shall not exceed ₹10,000 each. 8. The annual fees charged by the CICs from a CI shall not exceed ₹5,000 each. Chapter-III Credit Information Reporting and Dissemination A. Data formats 9. The reporting of credit information by a CI to the CICs, shall be undertaken in standardised data formats as prescribed in Annex I . These standardised data formats would be a non-proprietary reporting format and shall be known as ‘Uniform Credit Reporting Format’ (UCRF) as denoted below: (1) Form 1: Uniform Credit Reporting Format (Consumer) – for consumer segment. (2) Form 2: Uniform Credit Reporting Format (Commercial) – for commercial segment. (3) Form 3: Uniform Credit Reporting Format (MFI) – for microfinance segment. B. Reporting timelines and updation 10. A CI shall adhere to following guidelines on reporting timelines and updation: (1) A CI shall submit data on credit information of its borrowers (including historical data) to all CICs. (2) 1 A CI shall keep the credit information collected / maintained by it, updated regularly on the following basis or at shorter intervals as mutually agreed upon between the CI and CIC: (i) A CI shall submit credit information as on 9th, 16th, 23rd and last day of the month (hereinafter referred to as the reference dates) to CICs. (ii) A CI shall submit the full file containing credit information records as on the last day of the month to the CICs, by 5th day of the next month. Full file for this purpose shall include all active accounts in the books of the CI and the accounts wherein relationship between the borrower and the CI has ended since the last reporting reference date. (iii) For other submissions during the month, i.e., credit information records as on 9th, 16th and 23rd day of the month, a CI shall only furnish ‘incremental accounts’ to CICs. The CI shall submit such credit information to CICs within four (4) calendar days from the above-mentioned dates. Incremental accounts for this purpose shall include details in respect of the following accounts: Accounts opened since the last reporting reference date; Accounts wherein the relationship between the borrower and the CI has ended since the last reporting reference date; Accounts where there is a change from the last reporting reference date because of any action/ transaction initiated by the borrower, and the same shall include instances of repayment, change in outstanding balance, updates in demographic details, related party, guarantors, ownership of account, account type; and Accounts where interest and / or instalment of principal is overdue Explanation: Accounts with change only in days past due from the last reporting reference date shall also form part of the reporting. (iv) An illustration on timelines for reporting is given in Annex-VI . (v) CICs shall report on the DAKSH portal, a list of CIs which fail to adhere to the data submission timelines to Department of Supervision, Reserve Bank of India, Central Office at half yearly intervals (as on March 31 and September 30 each year) for information and monitoring purposes. (3) A CI shall ensure that the records submitted to CICs are updated regularly and that no instances of repayment, including that of the last instalment, are left unreported. C. Reporting guidelines 11. The CICRA provides statutory backing for sharing of credit information by a CI with CICs, subject to conditions stipulated therein. Therefore, with CICRA coming into force, the requirement of a ‘consent clause’ has become redundant and a CI need not insist upon obtaining such consent from borrowers. 12. A CI shall adhere to, inter alia, the following guidelines when reporting credit information in the UCRF: (1) In the commercial reporting segment, corporate identification number (CIN) and credit history of the directors of the company (based on DIN number) shall be reported. (2) A CI shall report cases where compromise settlements have taken place and the reason for such compromise settlement, in the prescribed data formats to CICs. (3) With respect to part instalment overdue, a CI shall submit data as it is, while qualitative information on what filters to apply based on amount and period would be done by the SU and others who make use of the data. (4) A CI shall use 'settled' status for denoting only specific situations where due to financial inability to repay as per original terms and conditions, either a principal or an interest waiver or both is provided to the customer. Explanation: A CI needs to be aware of such a situation prior to extending fresh credit to such customers. Cases of wrong debits or contested charges shall not be reported as 'settled' but as 'disputed'. (5) The information on Commercial Papers (CPs) issued by the companies shall be reported on a fortnightly basis to the CICs by a CI which has been designated as the Issuing and Payment Agent (IPA) for the particular CP issue. If there are multiple IPAs for a single CP issue, each IPA to such issue shall report to the CICs the details pertaining to the portion of the issue which is with them. This information shall be reported in the commercial data format in the fields as mentioned in Annex II . The IPA shall also report any default in the redemption of the relevant CP issue to the CICs. In view of reporting requirement of IPA, it is clarified that an investing CI need not report the information on CPs to the CICs. (6) The information regarding Unhedged Foreign Currency Exposure (UFCE) of individual borrowers shall be reported on a fortnightly basis to the CICs by the lending CI (in the case of solo lenders) / consortium leader (in the case of consortium arrangements) / largest lender (in the case of multiple lending arrangements). (7) The cases admitted with National Company Law Tribunal (NCLT) / National Company Law Appellate Tribunal (NCLAT) under the Insolvency and Bankruptcy Code, 2016 shall be reported under the suit-filed cases in the Uniform Credit Reporting Format, while reporting to the CICs. (8) The reporting of Relationship Segment (RS) data by a CI to CICs is mandatory for all accounts opened on or after July 01, 2018. Explanations: (a) The reporting of shareholders’ information under the ‘relationship’ field of the RS in the Commercial data format should be done only for those shareholders who are ‘Beneficial Owners’ as defined under the Reserve Bank of India (Asset Reconstruction Companies – Know Your Customer) Directions, 2025 , as amended from time to time. (b) The RS details are important in establishing cross-linkages across the three modules, viz., Consumer, Commercial and MFI, while providing comprehensive credit information of a borrower to CIs by CICs. (c) A timeline for reporting of the remainder legacy data would be reviewed by the Technical Working Group (TWG) and the CIs would be advised in due course. CICs shall furnish the list of CIs not adhering to the instructions on reporting of RS data to the Department of Supervision (DoS), Central office, on a monthly basis. (9) Guidelines for cross reporting, e.g., where individual is borrower and corporate is coborrower, or vice versa, shall be clearly intimated by CICs. The formats have fields to incorporate the data where consumer data will be reported in the consumer data format and co-borrower will be reported in commercial data format. (10) 2 A CI shall report Central KYC (CKYC) number of its borrowers to CICs, wherever the same is available with it or as and when CKYC number is made available (in the case of fresh applicants for CKYC number). 13. Data of Self Help Group (SHG) members (1) A CI financing SHGs shall report the SHG member level data to CICs in the Uniform Credit Reporting Format (MFI) as mentioned in Annex I . (2) The structure of the credit information in respect of SHG members to be collected and reported by a CI to CICs is set out below: Sl. No. Particulars Annex III 1 Information to be collected by a CI from individual SHG members where the total amount of loan to be attributed to or to be availed by the SHG member exceeds ₹30,000/- Table 1 2 Information to be collected by a CI from individual SHG members where the total amount of loan to be attributed to or to be availed by the SHG member is upto ₹30,000/- Table 2 3 Information on all individual SHG members to be reported by a CI to CICs [included under the Uniform Credit Reporting (MFI) format] Table 3 (3) The data tables are given in Annex III . As indicated above, a CI shall collect information from all SHG members in Tables 1 and 2 and report it to the CICs as set out in Table 3. The SHG member level data as mentioned in Table 3 shall be subsumed in Form 3: Uniform Credit Reporting format (MFI) of Annex I for reporting to CICs. The tables have been designed based on the following considerations: Some of the information (Item number 17 of Tables 1 and 2) is related to the existing exposures of the SHG members including that of the SHG groups with whom they might have been previously associated. This is intended to help CIs make informed credit decisions with regard to the SHG members. This information may be collected by CIs directly from the CICs based on lead information provided by the SHG members. Hence, there would be no need for CIs to include this information in the dataset reported to the CICs as per Table 3. (i) The collection and reporting of credit information in respect of SHG members will be restricted to the members of those SHGs that take loans exceeding ₹1,00,000/-. However, the members of all SHGs, regardless of the amount of group loan, shall report the non-credit information to CIs through the SHG Group at the time when the SHG approaches the CI for a loan. (ii) The non-credit information requirements have been designed both from the perspective of identification of the individual borrowers and supplementing the information requirements of banks, regulatory and government development agencies for the purpose of evaluating the flow of credit to various sub-segments of the SHG members and designing suitable credit penetration strategies keeping in view the socio-economic profile of the sub-segments. The information shall be reported by CIs to the CICs in a manner that allows the CICs to identify all members associated with a particular SHG and a particular person to be identified with all SHGs with whom he/she is/was associated. (4) A CI shall put in place necessary systems and procedures including making necessary changes to their system software for collections of the relevant information from the SHG members and reporting the required information to the CICs. (i) A CI shall monitor the NPA levels in the SHG segment on an ongoing basis and collect detailed information from SHG members availing loans exceeding a lower threshold of ₹20,000, if the Gross NPA in the SHG segment exceeds 10% or is higher than the gross NPA of the CI by 5 percentage points. (5) Other operational instructions (i) At this stage, it is envisaged to capture details of only the credit facilities availed by the SHG members from the CIs. Therefore, any information relating to inter-loaning among the SHG members out of their own savings will not be covered. However, inorder to know the overall indebtedness of a SHG member it may be necessary to know their exposures to the SHGs with regard to inter-loaning as well. As part of the continued endeavour to improve the quality of information of a SHG member, the need for capturing the inter-loaning would be reviewed in due course. (ii) Given significant challenges in monitoring and reporting the performance of individual loans availed by the SHG members out of the amounts lent by CIs to the SHGs, it is not envisaged to extend the credit reporting system to the monitoring of repayment and recovery of these loans. However, this would be considered in due course. (iii) The credit information relating to individual SHG members shall be collected, reported, and disseminated as per the provisions of the CICRA and the extant RBI directions on credit information reporting. 14. Reporting mechanism after cancellation of Certificate of Registration (CoR) (1) In case of cancellation of Certificate of Registration (CoR) of a CI by RBI, either through voluntary submission or supervisory action, CICs shall insert a suitable disclaimer in the records of the CI’s borrowers to reflect non-updatability of the record due to closure of the CI in their CIR. (2) In order to address the challenges in updating credit information of borrowers of CI whose CoR has been cancelled, CICs and CIs shall implement a credit information reporting mechanism subsequent to cancellation of CoR as under (i) A CI, whose CoR has been cancelled by RBI shall be categorised ‘Credit Institution’ under Section 2(f)(vii) of CICRA. (ii) Such a CI shall continue to report credit information of the borrowers on-boarded and reported to CICs prior to cancellation of their CoR to all the four CICs till the loan lifecycle is completed or the credit institution is wound up, whichever is earlier. (iii) Such a CI shall have access to Credit Information Reports pertaining to only those borrowers which were onboarded and reported to CICs before the cancellation of their CoR. (iv) CICs shall not charge the annual and membership fees from such a CI. (v) These instructions shall also be applicable to those entities whose CoR has been cancelled by the Reserve Bank of India prior to issuance of these instructions. (vi) All other instructions regarding credit information reporting by CIs to CICs shall remain unchanged D. Rectification of rejected data and review of Data Quality Index (DQI) 15. 3 A CI shall rectify the rejected data shared by CICs and re-submit the same to CICs before / along with submission of data of subsequent reporting reference date. 16. CICs shall prepare and provide Data Quality Index (DQI) for Consumer, Commercial and Microfinance segments, as provided in Reserve Bank of India (Credit Information Companies) Directions, 2025 , for assessing the quality of data submissions by CIs to CICs and improving the same over a period of time. 17. A CI shall undertake half yearly review of the DQI for all segments to improve the quality of the data being submitted to CICs. A report consisting of issues identified and corrective steps taken shall be placed before its top management by each CI for review within two months from the end of that half-year. E. Correction of Credit Information Report 18. A CI shall abide by the time periods stipulated under CICRA and the Rules and Regulations framed thereunder in respect of updation, alteration of credit information, resolving disputes, etc. Procedure prescribed under Rules 20 and 21 of the CIC Rules, 2006 in this regard shall be adhered to. Deviations from stipulated time limits shall be monitored and commented upon in the periodical reports/reviews put up to the Board / Committee of Board on customer service. 19. A CI shall have arrangements in place to receive customer requests for rectification of data in CIRs. In order to maintain high data quality, all erroneous data shall be corrected at the source by the CI that originally submitted the data. F. Use of credit information reports in credit appraisal 20. A CI shall include in their loan policies / credit appraisal processes, suitable provisions for obtaining CIRs from one or more CICs so that the credit decisions are based on credit information available in the system. G. Display of information 21. A CI which is a secured creditor as per the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, shall display, on its website, information in respect of the borrowers whose secured assets have been taken into possession by the CIs under the SARFAESI Act, 2002 as per the format given in Annex IV . The list consisting of this information shall be updated on monthly basis. (1) The following clarifications in this regard need to be noted by the CIs: (i) Secured assets possessed by a CI under the SARFAESI Act, 2002 on or after September 25, 2023 should be disclosed on its website. (ii) The assets possessed and already sold under SARFAESI Act, 2002 need not be displayed on the website. (iii) The secured assets possessed by a CI shall be removed from the website in the event of the following circumstances: (a) when the secured asset is sold; or (b) when the secured creditor receives the outstanding amount (which includes the principal, interest and any other dues payable by the borrower to the secured creditor) or after payment of the agreed settlement amount from the borrower. (iv) The SARFAESI Act, 2002 does not classify possession as symbolic or physical. Accordingly, a CI shall display information on secured assets possessed under Section 13 (4) of the SARFAESI Act, 2002. This includes the display of both symbolically and physically possessed assets on the website. (v) Both movable and immovable secured assets possessed under Section 13 (4) of the SARFAESI Act, 2002, on which the information is already published in the newspapers in terms of Rule 3 (1) or Rule 6 (2) of the Security (Enforcement) Rules of 2002 in case of movable property, and Rule 8 (2) ibid in case of immovable property, shall be displayed on the website of a CI. (vi) The ‘outstanding amount’ to be displayed on the website of a CI shall be as per definition provided under Section 13 (9) (b) of the SARFAESI Act, 2002 i.e. it shall include principal, interest and any other dues payable by the borrower to the secured creditor in respect of secured asset as per the books of account of the secured creditor. (vii) The ‘outstanding balance’, ‘asset classification’ and ‘date of asset classification’ of the secured assets possessed under Section 13 (4) of the SARFAESI Act, 2002, shall be as per the information published in the newspapers in terms of Rule 3 (1) or Rule 6 (2) of the Security (Enforcement) Rules of 2002 in case of movable property, and Rule 8 (2) in case of immovable property. (viii) The ‘State’ column of the Annex IV corresponds to that of the branch, as the borrower's address column inherently captures the State to which the borrower belongs. (ix) Details in the ‘Guarantor Name (wherever applicable)’ column of the Annex IV should be limited to guarantors who have created a security interest in favour of the CI and whose assets are possessed under the Act. (x) The monthly updates mentioned above specifically relate to the inclusion of new secured assets possessed by a CI, and the removal of the secured assets that have been sold or resolved by the CI. (xi) While the lead lender as per the consortium agreement may initiate SARFAESI proceedings, all consortium members are required to individually display on their website the details of assets taken into possession, including outstanding amount and other details as per the pari-passu charge and consortium agreement ensuring transparency. Chapter-IV Technical Working Group A. Instructions on Technical Working Group 22. In order to institutionalize a continuing mechanism for reviewing and making changes where necessary in the data formats, a Technical Working Group (TWG) shall be formed. The TWG shall carry out the following functions: (1) Review the data reporting formats, at least once a year, and make recommendations, if any, to the Reserve Bank in this regard. (2) Frame rules on data fields for all data reporting formats, viz., consumer, commercial, micro finance (MFI) segments. The data formats after finalisation by the Group will be submitted to RBI for approval. (3) Any other matter relating to collection and dissemination of credit information as the Reserve Bank may assign from time to time. 23. The TWG shall comprise of representatives from Public Sector Banks, Private Sector Banks, Foreign Banks, Primary (Urban) Cooperative Banks (UCBs), Regional Rural Banks (RRBs), All India Notified Financial Institutions (AIFIs), Non-Banking Financial Companies (NBFCs), Housing Finance Companies (HFCs), Asset Reconstruction Companies (ARCs) India Banks’ Association (IBA), Micro Finance Institutions Network (MFIN), Sa-Dhan and CICs. 24. Meetings of the TWG shall be held at least once in a calendar year. The four CICs shall act as convenor of the TWG by rotation (for each calendar year), in alphabetical order of the name. B. Standing Sub-Group of TWG 25. A Standing Sub-Group of TWG shall be constituted to function as an advisory and collaborative body to offer expert insights and make recommendations on technical aspects of credit information reporting. Its purpose would be to support in-depth discussions regarding challenges encountered by CIs and CICs in relation to credit information reporting. This includes necessary modifications, including changes in the IT systems, that may be required in the data reporting formats. The Sub-Group shall work to support the broader TWG to ensure a holistic approach to strengthening the credit information reporting ecosystem. 26. The Sub-Group of TWG would consist of representatives from Public-Sector Banks, Private Sector Banks, Foreign Banks, Small Finance Banks, Regional Rural Banks, Urban Cooperative Banks, Non-Banking Financial Companies, Asset Reconstruction Companies, Self-Regulating Organizations (SROs), viz., MFIN and Sa-Dhan, and all CICs. 27. Members of the Sub-Group shall be selected by the convenor with prior approval of the Reserve Bank. To enhance the overall expertise and effectiveness of the discussions, members of the Sub-Group shall nominate subject matter experts to its meetings. 28. The Sub-Group of TWG shall meet at least on a half yearly basis to discuss credit information reporting issues and seek potential resolutions. 29. To ensure effective coordination, the CIC that assumes the role of TWG convenor for a specific year shall also act as convenor of the Sub-Group in that particular calendar year. 30. To ensure proper preparation and informed discussions, the convenor shall send the meeting agenda and notes at least fifteen (15) days before the scheduled meeting. Additionally, if members desire to introduce a new issue or item for discussion, they should send a note outlining the points of discussion and proposed solutions to the convenor. 31. Action points emanating from discussions of the Sub-Group shall contain specific timelines required for their implementation by CICs and CIs. 32. Recommendations of the Sub-Group of TWG shall be forwarded to the Department of Regulation, Central Office, Reserve Bank of India for perusal. If required, RBI may seek TWG’s opinion on these recommendations. Chapter-V Customer Service and Grievance Redressal A. Strengthening of customer service 33. In order to strengthen and improve the efficacy of the grievance redress mechanism and customer service provided by the CIs, the following measures shall be put in place by a CI: (1) Updation of credit information with CICs (i) A CI shall send alerts through SMS / email to customers while submitting information to CICs regarding default / days past due (DPD) in existing credit facilities, wherever the mobile number/email ID details are available. (ii) To enable sending of alerts through SMS / email, the Uniform Credit Reporting Format for reporting credit information by a CI to CICs has been modified as detailed in Annex V . (iii) A CI shall organize special awareness campaigns to sensitise its customers about benefits of submission of their mobile numbers / email IDs. (2) Setting up of nodal points / officials (i) A CI shall have a dedicated nodal point / official of contact for CICs for redress of customer grievances. Details of the nodal point / official along with email ID and telephone / mobile number shall be furnished by the CI to CICs. (ii) A CI shall inform CICs of any changes in the nodal points / official within five calendar days of such a change. (3) Reasons for rejection of requests for data correction (i) A CI shall inform the customers the reasons for the rejection of their request for data correction, if any, to enable such customers to better understand the issues in the CIR. (ii) A CI shall use the list of reasons for rejection of requests circulated by CICs, while communicating the rejections of the request for data correction made by customers / CICs during the grievance redress process. (4) Root Cause Analysis of complaints (i) A CI shall undertake Root Cause Analysis (RCA) of the customer grievances at least on a half yearly basis. CIs shall also use, inter alia, information on data rejected by the CICs and DQI provided by CICs as sources of information for carrying out RCA. (ii) The RCA shall be reviewed by the top management at least on an annual basis. B. Framework for compensation to customers 34. A CI shall implement the following compensation mechanism for delayed updation/ rectification of credit information: (1) Complainants shall be entitled to a compensation of ₹100 per calendar day in case their complaint is not resolved within a period of thirty calendar days from the date of the initial filing of the complaint by the complainant with a CI / CIC. Explanation: (i) Section 21 (3) of CICRA, 2005 provides that a complainant may request a CIC or CI to update the credit information by making an appropriate correction, addition or otherwise, and on such request the CI or CIC shall take steps to update the credit information within 30 days after being requested to do so. (ii) Rule 20 (3) (c) of CIC Rules, 2006 provides that the CI shall forward the corrected particulars of the credit information to the CIC or complainant within a period of 21 days from the date when the CI was informed of the inaccuracy in the credit information. (iii) The combined reading of Section 21(3) of CICRA, 2005 and Rule 20 (3) (c) of CIC Rules, 2006 provide the CI and the CIC, collectively, an overall limit of thirty (30) days to resolve/ dispose of the complaint. In effect, this would mean that a CI would get 21 days and CICs would effectively get the remainder of nine days for complete resolution of the complaint. (2) A CI shall pay compensation to the complainant if it has failed to send updated credit information to the CICs by making an appropriate correction or addition or otherwise within 21 calendar days of being informed by the complainant or a CIC. (3) The complainant shall be advised by the CI / CIC of the action taken on the complaint in all cases, including the cases where the complaint has been rejected. In cases of rejection, the reasons for rejection shall also be provided by CI and CIC. (4) Compensation to be provided by the CICs / CIs to the complainant (for delayed resolution beyond 30 calendar days of filing the complaint) shall be apportioned among the CIs / CICs concerned proportionately. Illustrations: (i) Complaints registered with CIC by the complainant CIs have maximum 21 days’ time and CICs have the remaining period, within the overall time period of 30 days from the date of receipt of the complaint for its resolution. Compensation payable by the CICs/ CIs shall be calculated under various scenarios as illustrated below: Case 1 Complaint registered with a CIC on January 1, 2022. The CIC seeks confirmation from the CI (for e.g. Bank A) on January 12, 2022. Bank A provides confirmation to the CIC on February 2, 2022 (21st day would be February 2, 2022) – no delay by Bank A. The CIC resolves and provides rectified CIR to the complainant on February 3, 2022. Compensation of ₹300/- shall be provided by the CIC to the complainant for delay of three (3) days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022). Case 2 Complaint registered with a CIC on January 1, 2022. The CIC seeks confirmation from Bank A on January 5, 2022. Bank A provides confirmation to the CIC on January 26, 2022 (i.e. within 21 days) – no delay by Bank A. The CIC resolves and provides rectified CIR to the complainant on February 3, 2022. Compensation of ₹300/- shall be provided by the CIC to the complainant for delay of three (3) days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022). Case 3 Complaint registered with a CIC on January 1, 2022 The CIC seeks confirmation from Bank A on January 5, 2022. Bank A provides confirmation to the CIC on January 28, 2022 (21st day would be January 26, 2022) – 2 days delay by Bank A If CIC resolves and provides rectified CIR to the complainant on February 2, 2022 - Compensation of ₹200/- shall be provided by the Bank A to the complainant for a delay of two (2) days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022). If CIC resolves and provides rectified CIR to the complainant on February 3, 2022 – Total compensation of ₹300/- (₹200/- by Bank A and ₹100/- by CIC) shall be provided to the complainant for delay of three (3) days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022). Case 4 Complaint registered with a CIC on January 1, 2022 The CIC seeks confirmation from Bank A, Bank B, Bank C, Bank D, Bank E on January 5, 2022 – i.e. the CIC has taken 4 days to seek confirmation. For Bank A, B, C, D and E – (21st day would be January 26, 2022) Therefore, total delay in resolution of complaint is as follows: If the CIC resolves and provides rectified CIR to the complainant on February 6, 2022 – Total compensation of ₹600 shall be provided to the complainant, on a weighted average basis, as under, for a delay of 6 days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022): Explanation: The delay of six days shall be apportioned by the CIs/CICs on weighted average of the extent of delay by each CIs/CICs. In the above case, the overall delay is 6 days and therefore the complainant shall be entitled for total compensation of ₹600. This needs to be apportioned between all the defaulting banks (in this case Bank B, C, D and E). Cumulatively, the delay of all the defaulting banks put together is 32 days (5+7+9+11 days). Therefore, the compensation amount of ₹600 shall be apportioned on weighted average of the delay by each CIs in relation to the overall delay of 32 days in this case. Bank A = No compensation Bank B = (5*600)/32 = ₹93.75 Bank C= (7*600)/32 = ₹131.25 Bank D = (9*600)/32 = ₹168.75 Bank E = (11*600)/32 = ₹206.25 CIC = No compensation • If the CIC resolves and provides rectified CIR to the complainant on February 11, 2022, total days taken by CIC would be 9 days (i.e. 4+ 5 days). Total compensation of ₹1100 shall be provided to the complainant, on a weighted average basis, as under, for delay of 11 days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022): Bank A = No compensation Bank B = (5*1100)/32 = ₹171.88 Bank C = (7*1100)/32 = ₹240.62 Bank D = (9*1100)/32 = ₹309.38 Bank E = (11*1100)/32 = ₹378.12 CIC = No compensation (as CIC has taken overall 9 days) • If the CIC resolves and provides rectified CIR to the complainant on February 15, 2022. CIC has taken 13 days (i.e. 4 days + 9 days) to provide a final rectified CIR. Total compensation of ₹1500 shall be provided to the complainant, on a weighted average basis as under, for the delay of 15 days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022): Case 5 Complaint registered with a CIC on January 1, 2022 The CIC seeks confirmation from Bank A on January 5, 2022 Bank A provides confirmation to the CIC on January 28, 2022 (21st day would be January 26, 2022) – 2 days delay If, CIC resolves and provides rectified CIR to Bank A on January 31, 2022 (i.e. resolution done within 30 days of receiving the complaint) - No case for Compensation. However, the CI would be liable for penal action as deemed fit by the Reserve Bank of India as per provisions of CICRA, 2005 and Rules and Regulations farmed thereunder. (ii) Complaints registered with CIs by the complainant Case 6 Complaint registered with a CI (for e.g. Bank A) on January 1, 2022 Bank A provides rectified details to CIC on January 22, 2022 (21st day would be January 22, 2022) – no delay by Bank A. If the CIC resolves and provides rectified CIR to Bank A on January 31, 2022 and Bank A provides the rectified CIR to the complainant on January 31, 2022 – No case for compensation. If the CIC resolves and provides rectified CIR to Bank A on January 31, 2022 and Bank A provides the rectified CIR to the complainant on February 1, 2022 – A compensation of ₹100 shall be provided by the Bank A to the complainant for delay of 1 days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022). If the CIC resolves and provides rectified CIR to Bank A on February 1, 2022 and Bank A provides the rectified CIR to the complainant on February 1, 2022 - A compensation of ₹100 shall be provided by the CIC to the complainant for delay of 1 day beyond the permissible period of 30 days (i.e. in this case by January 31, 2022). If the CIC resolves and provides rectified CIR to Bank A on February 1, 2022 and Bank A provides the rectified CIR to the complainant on February 2, 2022 - Total compensation of ₹200 shall be provided [₹100 by the CIC and ₹100 by Bank A] to the complainant for delay of 2 day beyond the permissible period of 30 days (i.e. in this case by January 31, 2022). Note: Where the grievance/ complaint involves inaccurate credit information of more than one (1) CI, the complaint shall be registered by the customer with the concerned CIC. The CIC shall coordinate with all CIs concerned, and furnish to the customer a comprehensive resolution of grievance. Case 7 Complaint registered with a CI (for e.g. Bank A) on January 1, 2022 Bank A resolves and provides rectified details to the CIC on January 25, 2022 (21st day would be January 22, 2022) – 3 days delay by Bank A. If the CIC resolves and provides rectified CIR to Bank A on January 31, 2022 and Bank A provides rectified CIR to complainant on January 31, 2022 - No case for Compensation. If the CIC resolves and provides rectified CIR to Bank A on February 3, 2022 (i.e. the CIC takes 9 days after being informed by Bank A) and Bank A provides rectified CIR to the complainant on February 3, 2022 – A compensation of ₹300 shall be provided by Bank A to the complainant for delay of 3 days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022). If the CIC resolves and provides rectified CIR to Bank A on February 3, 2022 and Bank A provides rectified CIR to the complainant on February 4, 2022 – A compensation of ₹400 shall be provided by Bank A to the complainant for delay of 4 days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022). If the CIC resolves and provides rectified CIR to Bank A on February 4, 2022 and Bank A provides rectified CIR to the complainant on February 4, 2022 – Total compensation of ₹400 [₹100 by the CIC and ₹300 by Bank A] shall be provided to the complainant for delay of 4 days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022). If the CIC resolves and provides rectified CIR to Bank A on February 4, 2022 and Bank A provides rectified CIR to the complainant on February 5, 2022 – Total compensation of ₹500 [₹100 by CIC and ₹400 by Bank A] shall be provided to the complainant for delay of 5 days beyond the permissible period of 30 days (i.e. in this case by January 31, 2022). (5) Where the grievance / complaint involves inaccurate credit information provided by more than one CI, the complaint shall be registered by the complainant with the concerned CIC. The CIC shall coordinate with all the CIs concerned and furnish the complainant with a comprehensive resolution of the grievance. (6) Where the complaint has been received and registered by a CI and there has been a delay in the resolution of the complaint, the CI shall inform the concerned CIC(s) and the complainant after the final resolution, regarding total delay (in calendar days) and the amount of compensation to be paid by the CI and/ or CIC(s). (7) The date of the resolution of the grievance shall be the date when the rectified CIR has been sent by the CIC or CI to the postal address or email ID provided by the complainant. (8) A CI shall make appropriate provision in their complaint submission format (both online and offline) for enabling the complainant to submit the contact details, email ID, and bank account details/ Unified Payment Interface (UPI) ID for crediting the compensation amount. The onus of providing accurate details will lie with the complainant and the CIs will not be held responsible for any incorrect information provided by the complainant. (9) The compensation amount shall be credited to the bank account of the complainant within five working days of the resolution of the complaint. (10) The complainant can approach RBI Ombudsman, under the Reserve Bank - Integrated Ombudsman Scheme, 2021, in case of wrongful denial of compensation by CIs or CICs. (11) In case of wrongful denial of compensation by a CI which is yet to be covered under the Reserve Bank - Integrated Ombudsman Scheme, 2021, the complainant can approach Consumer Education and Protection Cell (CEPC) functioning from Regional Offices (ROs) of RBI. (12) The compensation framework shall not be applicable in the following cases: (i) disputes for which remedy has been provided under Section 18 of CICRA, 2005. The Section 18 of CICRA, 2005 provides that for disputes arising amongst, CICs, CIs, borrowers, and clients on matters relating to the business of credit information and for which no remedy has been provided under CICRA, 2005, such disputes shall be settled by conciliation or arbitration as provided in the Arbitration and Conciliation Act, 1996. (ii) complaints / references relating to (a) internal administration, (b) human resources, (c) pay and emoluments of staff, and (d) references in the nature of suggestions and commercial decisions of the CI. (iii) complaints that have been decided by or are already pending in other fora such as Consumer Disputes Redressal Commission, Courts, Tribunals, etc. Chapter-VI Best Practices 35. A CI shall take into account the best practices as detailed below, while formulating or reviewing its policies and procedures under the CICRA. (1) Instances of non-updation of repayment information could be avoided by centralising the issue of no objection certificates (NOCs) and providing information to CICs. (2) Customer grievance redressal should be given top priority especially in respect of complaints relating to updation / alteration of credit information. (3) Grievance redressal in respect of credit information should be integrated with the existing systems for grievance redressal. Aspects relating to customer grievances pertaining to credit information may also be an integral part of customer service policy of a CI. (4) A CI shall give full customer information to the CICs. For instance, identifier information like PAN number, Voters ID Card number, etc. is not provided by CIs for all records. (5) With a view to decreasing court cases involving CIs and CICs, complaints need to be addressed by them on an urgent basis. A CI shall have a structured process of complaint redressal including the setting up of Consumer Protection Committee of the Board. Chapter-VII Repeal and Other Provisions A. Repeal and saving 36. With the issue of these Directions, the existing Directions, instructions, and guidelines relating to credit information reporting as applicable to Asset Reconsruction Companies stand repealed, as communicated vide circular DOR.RRC.REC.302/33-01-010/2025-26 dated November 28, 2025 . The Directions, instructions and guidelines repealed prior to the issuance of these Directions shall continue to remain repealed. 37. Notwithstanding such repeal, any action taken or purported to have been taken, or initiated under the repealed Directions, instructions, or guidelines shall continue to be governed by the provisions thereof. All approvals or acknowledgments granted under these repealed lists shall be deemed as governed by these Directions. Further, the repeal of these directions, instructions, or guidelines shall not in any way prejudicially affect: i. any right, obligation or liability acquired, accrued, or incurred thereunder; ii. any, penalty, forfeiture, or punishment incurred in respect of any contravention committed thereunder; iii. any investigation, legal proceeding, or remedy in respect of any such right, privilege, obligation, liability, penalty, forfeiture, or punishment as aforesaid; and any such investigation, legal proceedings or remedy may be instituted, continued, or enforced and any such penalty, forfeiture or punishment may be imposed as if those directions, instructions, or guidelines had not been repealed. B. Application of other laws not barred 38. The provisions of these Directions shall be in addition to, and not in derogation of the provisions of any other laws, rules, regulations, or directions, for the time being in force. C. Interpretations 39. For the purpose of giving effect to the provisions of these Directions or in order to remove any difficulties in the application or interpretation of the provisions of these Directions, the RBI may, if it considers necessary, issue necessary clarifications in respect of any matter covered herein and the interpretation of any provision of these Directions given by the RBI shall be final and binding. (J P Sharma) Chief General Manager 1 Substituted with effect from July 01, 2026, vide Reserve Bank of India (Asset Reconstruction Companies – Credit Information Reporting) Amendment Directions, 2025 dated December 04, 2025 . 2 Inserted with effect from July 01, 2026, vide Reserve Bank of India (Asset Reconstruction Companies – Credit Information Reporting) Amendment Directions, 2025 dated December 04, 2025 . 3 Substituted with effect from July 01, 2026, vide Reserve Bank of India (Asset Reconstruction Companies – Credit Information Reporting) Amendment Directions, 2025 dated December 04, 2025 .